Lee 3 Team

Lee3Team

How To Be Sure Your Home Is Sanitized During Quarantine

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How To Be Sure Your Home Is Sanitized During QuarantineDuring the COVID-19 pandemic, it is more important than ever for everyone to make sure they act in the best interests of their local communities and the world as a whole. This means that everyone should follow the advice of the Centers for Disease Control and Prevention (CDC), practice social distancing measures, and obey all orders to shelter in place. When families are stuck at home, it is important to ensure the house is sanitized. This will prevent the spread of this dangerous virus. There are a few measures that everyone should take to make sure their home is as clean as possible.

Clean High-Touch Surfaces Frequently

Any surfaces that multiple people are going to touch on a regular basis need to be cleaned every day. Some of the most common surfaces people need to clean daily include counters, doorknobs, bathroom appliances, faucets, toilets, phones, tablets, end tables, tabletops, and keyboards. Try to use a household spray followed by a wipe.

Read the labels of these cleaning items to make sure they are being used properly. During the cleaning process, try to wear gloves and make sure to dispose of them after they are used. Finally, if there are any surfaces that have bodily fluids on them, including blood, these need to be cleaned thoroughly as well.

Step Up Laundry Practices

All laundry needs to be cleaned as thoroughly as possible. If there are any clothes that have bodily fluids on them, including sweat after working out, these need to be laundered immediately. While handling laundry, try to wear disposable gloves. Try to keep these items as far away from the body as possible. Make sure to closely follow any and all directions on laundry detergent. Try to wash clothing at the warmest temperatures allowed on the clothing labels to ensure any pathogens are killed. Finally, wash hands with soap and water after handling any laundry.

Ask Questions 

Finally, anyone who has questions about how to stay safe during the COVID-19 pandemic needs to rely on resources from credible sources such as the CDC and WHO. Furthermore, don’t hesitate to call a local doctor and ask questions. It is important for everyone to watch out for one another during this trying time.

Staying Social While Distancing

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Staying Social While DistancingFor many months, the COVID-19 (Corona-virus) pandemic appeared to be a problem that only existed in foreign lands. Now, this virus has arrived on the shores of the United States and has disrupted jobs, hospitals, and lives. People are being asked to practice social distancing measures to curtail the spread of the virus while some parts of the country are being asked to stay home entirely. The good news is that there are still ways for people to remain social while being safe. 

Get Outside Safely

One of the first tips that people need to remember is that they are still allowed to go outside. Even in states that are telling people to shelter in place, people are still allowed to go outside and get some fresh air. This is a great way for people to not only stay in shape but many other people are doing the same thing. Therefore, this is an opportunity for everyone to get some vitamin D, run into a few neighbors, and socialize (while practicing safe social distancing measures, of course!).

Get The Family Involved In The Cooking Process

Next, given that many restaurants are going to be closed during this crisis, take this opportunity to get the entire family involved in the cooking process. Take a few minutes and bake some cookies with the kids. Ask them for ideas on what to cook for dinner. This is a great opportunity for children to learn about something new, given that they are going to be home from school for a while.

Use Video Chat Applications

Finally, remember that there are still ways for people to stay in contact with one another through video chat apps. These include FaceTime and Skype. Even though that trip to visit the grandparents was canceled, this is still a great way to stay in touch. Furthermore, this can be a way for families to check in with each other and make sure that everyone is doing alright.

Stay Social During The Pandemic

In the end, it is going to be a challenging few months; however, with the right strategies, the country is going to come out stronger on the other side. Put these tips to use and stay social during the pandemic! 

What’s Ahead For Mortgage Rates This Week – March 30th, 2020

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What’s Ahead For Mortgage Rates This Week – March 30th, 2020

Scheduled monthly readings were released for new home sales and consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.

New Home Sales Beat Expectations in February

Sales of new homes dropped 4.40 percent in February after reaching a 13-year high in January. 765,000 new homes were sold on a seasonally-adjusted annual basis, which exceeded expectations of 750,000 sales in February. New home sales were 14.30 percent higher year-over-year.

Analysts said that further declines monthly new home sales are expected as the coronavirus spreads.

The national median price for a new home was $345,900 and there was a five-month inventory of new homes for sale in February; this was the lowest inventory of new homes since 2017.

Regional sales rose 39 percent in the Northeast and 7.00 percent in the Midwest. Sales rose 1.00 percent in the South and fell by 17 percent in the West.

Mortgage Rates Mixed After Fed Moves to Create Stability

Freddie Mac reported lower average rates for fixed-rate mortgages last week; rates for 30-year fixed-rate mortgages dropped 15 basis points to 3.50 percent. Rates for 15-year fixed-rate mortgages fell by 14 basis points to an average of 2.92 percent. The average rate for 5/1 adjustable rate mortgages rose 23 basis points to an average rate of 3.34 percent; this was caused by rising yields for 5-year treasury bills.

Discount points averaged 0.70 percent for 30-year fixed-rate mortgages, 0.60 percent for 15-year fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Sharp adjustments in mortgage rates and financial markets continued last week and are likely to continue as uncertainty increases over coronavirus impacts. Analysts noted that as tenants face prolonged unemployment, landlords will also be impacted when rents aren’t paid. The stimulus payments of $1200 per adult will not cover one month’s rent for households in high-cost housing market.                                                                                                   

First-time Jobless Claims Skyrocket as Consumer Sentiment Falls

3.28 million initial jobless claims were filed last week as compared to 282,000 claims filed the prior week. Analysts project higher numbers of jobless claims as the coronavirus spreads and more employers close their doors. Not surprisingly, consumer sentiment fell in March according to the University of Michigan’s Consumer Sentiment Index.

The March index reading dropped to 89.1 from February’s reading of 95.9. Analysts expected a March reading of 89.0. 

What’s Ahead

This week’s scheduled economic news includes readings on pending home sales, Case-Shiller Home Price Indices, and labor-sector readings on job growth and national unemployment. 

Home Improvements For A New Home Or When Getting Ready To Sell

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Home Improvements For A New Home Or When Getting Ready To SellSome simple home improvements increase the attractiveness of a home and may help with a sale. If you are getting ready to sell your home or if you just want to beautify it a little, here are some low-cost tips for home improvements to consider.

Go Green

Adding indoor plants is nice and improves interior air quality. If you have the room for it, consider a vertical garden. A vertical garden may use the entire ceiling-to-floor area of one wall. With the proper type of grow lights, it is possible to create the feeling of a lush tropical forest inside the home.

You can grow a herb garden in a window box, so you always have fresh herbs for cooking. Flowers, which make a lovely fragrance, are wonderful for aromatherapy to create positive feelings. Hang a sprig of fresh eucalyptus in the shower for a spa-like experience.

Water Elements

A water fountain or birdbath in the garden is a pleasant touch. Use a solar-powered water pump so there is no need to connect it to electricity. It will attract birds that are enjoyable to watch.

A small fountain in the home will have a soothing effect from the sound of the falling water. The Chinese art of Feng Shui recommends having some water elements in the home for a more peaceful living space. It can be something as simple as a desk or tabletop water fountain to have a nice effect.

Wall Decor

To spice up a room and give it a fresh look, consider changing the wall decor. Give the wall a fresh coat of paint or new wallpaper and hang new things on it in an attractive way.

Throw Rugs

Colorful throw rugs are helpful to cover a worn area of old carpet. Rugs improve the look of a room without the expense of replacing the carpet. In a larger room, a throw rug may create a space for a certain use, such as a sitting or dining area.

Add Some Color to the Front Door

One quick and easy technique to give a dreary home exterior a bit of curb appeal is to power wash the siding on the front and then paint the front door a dramatic contrasting color. A superbly-colorful front door is very attractive and welcoming.

Summary

With a little imagination and a modest budget, it is possible to make attractive home improvements that have appeal. Just try some of our suggestions and make improvements that you enjoy.

Paying Rent And Mortgages With A Credit Card

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Using a credit card for mortgage or rent

When people purchase a house, they usually set up their mortgage payments as a direct draft out of a checking account. The same is typically true of rent payments; however, many people have wondered if there was another way to pay rent or mortgage. After all, there are credit cards out there that have fantastic rewards. It would be great to take advantage of these rewards by placing rent and mortgage payments on a card.

Sadly, there is no way to pay rent or mortgage with a credit card without a fee. There are bank interchange fees that would lead to a surcharge for banks and landlords. This prevents them from readily accepting credit cards without a fee. What if there was a better way?

Possibilities For Credit Card Payments

It is rare to find an apartment complex that accepts a credit card. It is even harder to find a bank that does this. It is helpful to ask about the different ways to pay rents and mortgages when talking to banks and landlords. It can be helpful to do the math on any fees that are charged and compare them to rewards. For example, if a credit card gives five percent cash back on rotating categories, it might be beneficial to take advantage of this five percent back and pay a two percent fee to use the card. This would still net three percent in savings.

Using Third-Party Payment Options

There are also third-party service providers that will allow someone to pay nearly any bill online with a debit or credit card. This includes rent and mortgage payments. These third-party sites still charge fees. Sometimes, it is a flat rate. Other times, it is a percentage of the total.

When To Use Credit And Debit Cards

The most appropriate time to use a credit or debit card to pay this bill is when a minimum spending requirement is needed to trigger a significant bonus. For example, if a card requires someone to spend $5,000 to trigger a bonus, it is easier to reach this number by using the card to pay rent. Otherwise, it is better to calculate the fee versus and points and see which option makes the most sense.

Should I Pay Off My Mortgage Or Invest the Money?

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Should I Pay Off My Mortgage Or Invest the MoneyTo understand what to do with a windfall or extra disposable income when it comes to paying down a mortgage or investing the money, we need to discuss and understand the concept of opportunity cost.

What Is Opportunity Cost?

The concept of opportunity cost takes into consideration the total financial impact of the use of funds when applied in different ways, to be able to compare the effectiveness of how it is best to use them. The opportunity cost considers the risks involved, the potential reward, as well as the tax implications of the choices.

Risk Versus Reward Evaluation

All investments have risks. When comparing the potential earnings from an investment against the savings of mortgage interest, only the investment side has any downside risk. If you pay down the mortgage, there is a 100% certainty that the loan will reduce and the interest paid will go down. You can calculate the saving on the interest and know the exact amount.

If you invest those same funds, there is always a risk that the investment money can be lost or the investment returns are lower than expected. Moneywise did a comparison of using money to lower a mortgage versus investing in the S&P 500 stock market index over 43 years from 1971 to 2013. For 26 of those 43 years (60% of the time), paying down the mortgage was a better financial move.

Tax Implications

The tax implications involve the impact of the mortgage interest deduction, and its effect on reducing federal income taxes, and the cost of paying capital gains tax on investment profits.

The Tax Cuts and Jobs Act of 2017 reduced the possibility for many people of benefiting from an itemized mortgage interest deduction because the standard deduction increased. For comparative purposes, most Americans pay capital gains at the current rate of 15%.

Take the tax savings from the mortgage deduction, if you can use it, and compare this to the investment income, less the applicable capital gains taxes. Ask your tax accountant to do the calculation for you if you cannot do this yourself.

Summary

For some, paying down a mortgage is more beneficial than investing. Paying down a mortgage certainly has less risk. Be sure to consider paying down high-interest credit card bills first. That is always a wise idea because the interest rate charged on credit cards is so high.

Every person’s financial circumstances are somewhat different so there is no standard answer when comparing paying down a mortgage to investing the same amount of money. Each person needs to do this calculation of the opportunity costs, to be able to apply their extra funds in ways that are most beneficial for them.

If you are in the market for a new home or interested in listing your current property, be sure to contact your trusted real estate professional to discuss current financing options.